Skip to main content

How Conjoint Analysis is Redefining Smart Data


While it’s still totally justifiable to be captivated by the power and reach that Big Data offers market researchers, its highly talked about demise wouldn’t be the end of an era, so much as it would be the evolution of a strategy.

Much like Big Data, Smart Data is a blanket term that really just refers to a more defined library of data available. Conjoint Analysis is perhaps the most efficient way of extracting consumer behavior for quantitative measurement. With this data, products and services can be measured in ways that no other method can.

Smarter Data with Conjoint Analysis

Where as Big Data allowed access to an ocean of empirical information that market researchers would have to sift through to find information that may or may not be quantifiable, conjoint analysis has the ability to develop market simulations models, allowing businesses to predict consumer behavior in relation to product or service changes.

If a business stops offering a popular product due to the time and development dedicated to producing a successor, Conjoint Analysis can predict consumer response to this decision. In some cases, the natural decision for the business would be to halt production on the old product, instead going with the newer, more effective model. But for market researchers relying on Big Data to make an informed decision on whether to halt production would be making a decision with far less certainty than if they adhered to Conjoint Analysis.


A New Quantifiable Model

As our access to mobile technology continues to inform our purchasing decisions, an new factor to consider in this process is arising. Being able to quantify this data, and create a model to detail how consumers are likely to react to changes in the marketplace means that businesses can make informed decisions. This eliminates a degree of uncertainty that could cripple a business, boosting efficiency and product loyalty.

From Big Data to Smart Data, and onto Conjoint Analysis, it is still apparent that the use of buzzwords to describe tools or strategies won’t go away. But as with businesses, the natural evolution of strategy and processes continues to progress thanks to the technology available, all in the name of eliminating uncertainty, and making informed business decisions.

Do you have a story where conducting pricing research with Conjoint Analysis was effective? If so, tell us about it in the comments section below or find out how you can by downloading the white paper.



Comments

  1. In my opinion, it will be useful for you and your friends to read this info. Here you can read more about Research Paper outline

    ReplyDelete
  2. Hi everyone, my name is Mike and I am a professional writer. Very often I don’t have enough time for articles and in this case I use the services of the essay and article service https://payforessay.net/

    ReplyDelete

Post a Comment

Popular posts from this blog

Results of the Presidential Job Index Survey (week ending 7/1/2010)

Quick update on the results for the presidential job index survey for the week ending 7/1/2011. As a reminder this is a weekly survey that we conduct and we publish the results for the survey every Friday. To participate in this week's survey, please download the SurveySwipe application and take the survey.

Remember, you get points that you can redeem for various rewards when you take our surveys. We have already distributed several paid apps like Angry Birds for free.

Highlights

Almost 900 respondents took the survey.
52% vs 53% last week of the respondents approve of the job that President Obama is doing.
Respondents included 28% Democrats (31% last week), 25% Republicans (22% last week), 24% independents (27%) last week and 2% with the Green Party (3% last week).



You can view the reports here or directly on your phone.

Top 5 Infographics of the Week: Cyber Security

Earlier this week, we experienced a power outage with our data center at Internap. During this short period of time, our customers were unable to access the site. Luckily, it didn't last long and we are back up and running now thanks to our dedicated support team that responded quickly and worked diligently.

Cyber security is, and always has been, a very important issue for us as we continue to grow and meet the demands of a technology-driven society. Nothing is more paramount than the safety of your valuable data. And apparently we weren't the only ones affected, as LinkedIn was experiencing difficulties on the same day and Internap had 3 massive outages earlier this year. Check out these infographics with stats on the importance of cyber security and the impact it can have on small-medium sized businesses.

Top 5 Infographics of the Week: Internet of Things

In 2008, the number of things connected to the internet exceeded the number of people on Earth. By 2050, we are expected to surpass 50 million different devices connected to the internet. And we're not just talking smartphones and tablets - we mean everything. Wearable tech, household appliances, smart homes, public transportation, hospitals and even cattle have all been using sensors to transmit data automatically. It is an exciting yet scary time to be alive. The various interactions between these different entities are opening up doors for more apps, more software and more auxiliary services. With so many "things" connected online, the possibilities for information exchange becoming wider everyday. Check out the top 5 infographics to learn more about the IoT.